Haydale Graphene Industries reportedly intends to raise up to £7.8 Million (over $10 Million USD) at a big discount to the market price. Any money raised will be used to fund general working capital, restructuring costs and investment in equipment.
Of the money, £3.8 million is being raised through a placing while an open offer will bring in up to a further £4 Million. The graphene and composite materials specialist lost £3.5 Million (£2.67 Million) in the six months to December on sales of £1.6 Million (£2 Million).
Haydale has also identified an initial £1 Million of annualized savings, primarily in the UK, though it is recruiting specific sales personnel to help it shift from R&D to commercial sales.
David Banks, interim executive chairman, said the aim is to reset the cost base and consolidate the group's position over the next 6 months with the focus on SiC in the US, functionalized inks and graphene composites.
In the longer-term, the plan is to leverage its presence in the US to move to profitability.